India central bank

The lockdown has led to significant decline in activity, according to Shilan Shah, senior India economist at Capital Economics. He said in a research note published before the GDP data was released that "almost every economic indicator" has experienced the "sharpest drop on record." Capital Economics had forecast a 1.5% contraction for the quarter. … [Read more...] about The worst is yet to come for India’s slowing economy

NEW DELHI: Shares of PSU banks were trading with losses in Friday's session. Shares of Punjab National Bank (up 1.68 per cent) , State Bank of India (up 1.33 per cent) , Union Bank of India (up 1.28 per cent) , Bank of Baroda (up 0.91 per cent) , Canara Bank (up 0.72 per cent) , Indian Overseas Bank (up 0.69 per cent) , Indian Bank (up 0.57 per cent) and Central Bank of India (up 0.37 per cent) were among the top gainers. The Nifty PSU Bank index was trading 0.81 per cent up at 1132.05 around 02:20PM. Benchmark NSE Nifty50 index was up 52.35 points at 9542.45, while the BSE Sensex was up 104.37 points at 32304.96. Among the 50 stocks in the Nifty index, 37 were trading in the green, while 13 were in the red. Shares of Vodafone Idea, IDFC First Bank Ltd., BHEL, Federal Bank, Tata Motors, SBI, Tata Power, ICICI Bank, Axis Bank and GMR Infra were among the most traded shares on the NSE. … [Read more...] about Share market update: PSU bank shares gain; PNB rises nearly 2%

The Reserve Bank of India on Friday imposed fines on Citibank, Bharat Co-operative Bank, TJSB Sahakari Bank and the Nagar Urban Co-operative Bank for deficiencies in regulatory compliance. Notably, this is the second successive day of the RBI imposing fines on banks, having slapped Bank of India, Karnataka Bank and Saraswat Co-operative Bank with penalties on Thursday. Citibank was fined Rs 4 crore by the regulator, whereas Bharat Co-operative bank, TJSB Sahakari Bank and Nagar Urban Co-operative Bank were fined Rs 60 lakh, Rs 45 lakh and Rs 40 lakh respectively. Citibank RBI on Friday announced that it had imposed a Rs 4 crore penalty on Citibank in January 2020. The Apex Regulator said this was “for contravention of Section 10 (1) (b) (ii) of Banking Regulation Act, 1949 (t and for non-compliance with the directions issued by RBI on obtaining declaration from customers about credit facilities enjoyed with other banks, granting non-fund based facilities to non-constituent … [Read more...] about RBI imposes penalty on Citibank, TJSB Sahakari Bank, Bharat Co-op Bank and Nagar Urban Co-op Bank

A cobbler covers his face with a scarf and works in the shade of a dilapidated building in Kohima, capital of the northeastern Indian state of Nagaland, Friday, May 29, 2020. The state which was a green zone until earlier this week, now has 25 COVID positive cases. Most of the 150,000 cases are concentrated in five of India's 28 states, though an increase in cases has also been reported in some eastern states as migrant workers have begun arriving home from big cities on special trains. less … [Read more...] about India’s economic growth dips during coronavirus pandemic